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  "domain": "real-estate-finance",
  "title": "Nippon Building Fund (NBF, J-REIT 8951)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Nippon Building Fund (NBF, J-REIT 8951)",
    "aliases": [
      "nippon-building-fund-j-reit-8951",
      "Nippon Building Fund",
      "NBF",
      "NBF 8951",
      "日本ビルファンド投資法人",
      "Mitsui Fudosan office J-REIT",
      "NBF office J-REIT",
      "NBF 8951 Tokyo office"
    ],
    "domain": "real-estate-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "real-estate-finance",
      "j-reit",
      "nbf",
      "mitsui-fudosan",
      "office",
      "tokyo-cbd",
      "8951"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.nbf-m.com/",
      "https://www.nbf-m.com/nbf/en/",
      "https://www.nbf-m.com/nbf_e/",
      "https://www.nbf-m.com/en/client/docs/investment.pdf",
      "https://www.nbf-m.com/nbf_e/portfolio/list.html",
      "https://www.nbf-m.com/nbf_e/portfolio/tenant.html",
      "https://www.mitsuifudosan.co.jp/english/ir/",
      "https://www.jpx.co.jp/english/markets/products/reit/index.html",
      "https://www.ares.or.jp/en/",
      "https://www.fsa.go.jp/en/"
    ]
  },
  "summary": "Tenant concentration depends on the contractual layer. NBF's major-tenants disclosure at 2025-12-31 lists Mitsui Fudosan as tenant / master lessee for Shinjuku Mitsui Building and 23 other properties: 573,235 m2, or 47.0% of total rentable area. Mitsui Fudosan generally subleases those properties to",
  "headings": [
    "Nippon Building Fund (NBF, J-REIT 8951)",
    "TL;DR",
    "Wiki route",
    "1. Corporate identity",
    "2. Portfolio composition",
    "3. Capital and leverage",
    "4. Contractual master lessee vs end tenants",
    "5. NBF vs JRE — same-vintage office-J-REIT comparison",
    "6. Counterpoints",
    "Related"
  ],
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      "real-estate-finance/j-reit-foreign-investor-ownership",
      "real-estate-finance/j-reit-market-overview",
      "real-estate-finance/j-reit-sponsor-structure-conflict",
      "real-estate-finance/j-reit-vs-us-reit-governance-comparison",
      "real-estate-finance/japan-real-estate-j-reit-8952",
      "real-estate-finance/logistics-j-reit-vs-office-j-reit-asset-class-comparison",
      "real-estate-finance/mitsubishi-estate-financing-model",
      "real-estate-finance/mitsui-fudosan-financing-model",
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    "external_links": [
      "https://www.j-re.co.jp/en_cms/portfolio/statement.html",
      "https://www.jpx.co.jp/english/equities/products/reits/issues/index.html",
      "https://www.nbf-m.com/en/client/docs/investment.pdf",
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